Sen. Bob Casey, who has unveiled a plan aimed at preventing Facebook co-founder Eduardo Saverin and other expatriates from skirting U.S. taxes, on Friday dismissed criticism that the so-called Ex-PATRIOT Act could scare people from coming to the country and insisted that Saverin “should pay.”

Casey (D-Pa.) and Sen. Chuck Schumer (D-N.Y.) proposed a law Thursday that would set a 30 percent capital gains tax rate for expats on all future investment gains, in light of claims that Saverin, who co-founded Facebook with Mark Zuckerberg, had renounced his American citizenship before the social networking company announced that it would go public in order to dodge taxes.

On Thursday, Saverin released a statement saying he will pay “hundreds of millions of dollars in taxes to the United States government,” according to Reuters.

The Facebook co-founder said his decision to renounce American citizenship was “based solely on my interest in working and living in Singapore, where I have been since 2009.”

“I have paid and will continue to pay any taxes due on everything I earned while a U.S. citizen,” he said. “It is unfortunate that my personal choice has led to a public debate, based not on the facts, but entirely on speculation and misinformation.”

The Wall Street Journal laced into Casey and Schumer Thursday, calling the Democratic senators “a pair of envy specialists” who were putting the country’s reputation at risk.

In an appearance on CNN’s “Starting Point” on Friday, Casey strongly rejected the suggestion that the Ex-PATRIOT Act would “impose Soviet-style exit taxes” and scare away potential future investors.

“Not at all. I completely disagree with The Wall Street Journal,” the senator said. “We have lots of people who come into this country and make a lot of money, and they pay their taxes. It’s very simple. When you’re an American citizen, when you benefit from the United States, the bounty of this country, you ought to pay your taxes. This isn’t just taking a trip around the world;he’s renounced his citizenship. He should pay for that.”

He also noted that the U.S. encourages people to move to the country and invest.

“We’re happy about that and we want to welcome them, but when you live in this country for a period of time, make a lot of money and then renounce your citizenship and go to Singapore to take advantage of their tax laws, I think there should be a consequence for that,” he said.